The Tax Factor was created to educate individuals and small-business owners about taxes. Let’s face it, nothing in life is guaranteed except death and taxes. Okay, maybe that sounded pretty depressing but the goal of this blog is to help you find the information to learn how to make taxes work for you. Taxes can be extremely complicated but knowing about deductions and credits can save you thousands of dollars per year.

Jul 23, 2012

Jeremy Lin That I Used To Know: Saving Big in State Taxes

Jeremy Lin took the NBA by storm in 2012, rising from undrafted Harvard grad
to one of the most popular New York Knicks players in a decade. Lin led the
Knicks to wins in his first six starts, and became the first player in NBA
history to score 20 points and record seven assists in each of his first five
starts. After a last-second game-winning three pointer against the Toronto
Raptors, his rise to stardom was known ubiquitously as "Linsanity."

After signing a three year, $25.1 million contract with the Houston Rockets,
Lin moves from one of the highest taxed states in the country to one of the
lowest. As a Knick, Lin paid a top state income tax rate of 8.82 percent, with
New York City piling on at 3.876 percent. As a Houston Rocket, however, he will
have no state or local tax burden.

At an average salary of $8,366,667, Lin will save over $1 million annually in
state and local income taxes.

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About Me

As a federally authorized Enrolled Agent and owner and CEO of the Brooklyn-based J.S. Tax Corporation, Jamaal Solomon provides tax services, business consulting, and IRS problem resolution. Delivering expert service, with his mission to “Take the fear out of taxes” for his clients, Jamaal has prepared federal and multi-state tax returns for individuals, partnerships, not-for-profit organizations, and corporations; has helped numerous tax-exempt organizations with their 501 (c)(3) applications; and has fielded a broad range of client and governmental inquiries on specific returns.
Licensed as an Enrolled Agent since 2007, Jamaal is empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the IRS for audits, collections, and appeals. As part of the Enrolled Agent program, Jamaal completes an average of 24 hours of continuing professional education each year. He earned his MS in Taxation from CUNY Baruch in 2009 and a BS in Business Management from SUNY Stony Brook in 2002.